Estimating Rent

[Blake Reynolds]

What is the best way to estimate rent for a specific property which doesn't have any rental history?

Is it common to just find comparable properties in the area that are rented out? Also does anyone have any input on how accurate Zillow.com is on their rental estimates that they provide?

[Rob L.]

I've found the best way in my market is to use craigslist. I throw all the comparable rentals in an excel spreadsheet and then average it out. This gives you a good ball park idea of what you can ask for. I also look at the top asking rents and bottom as well. I like to offer the same amenities as top rentals but at a lower price, usually 50-100 dollars less. This assures our properties fill up fast. The lowest asking rents gives you a good idea of what the floor in the market is and what the offerings are.